John Davies

With a number of years journalism experience, John is a personal finance journalist and editor providing regular daily news updates to the MoneyMaxim website. His area of particular interest includes house prices, mortgages and insurance. He works as News Editor at MoneyMaxim.

31 August 2011

Financially Conscious Brits Make Common sacrifices

Many people within Britain are now looking to boost their savings by cutting back on their spending, compare the cost of you utilities to save today.

With financial situations continuing to be restricted for many, research has shown that Brits have made cutting back commonplace in order to try and accrue savings.

The research, which was conducted by Norwich and Peterborough Building Society (N&P), showed that over three quarters of Brits were so concerned about their finances that they made changes to their spending habits in an attempt to save.

According to their results, Brits are now embracing the idea of cutting back in an attempt to improve their financial situation. The seventy seven per cent of Brits who confessed to making changes said that they had attempted to reduce their outgoings, giving them more money for savings and investments.

This has been done by reducing the amount of money given to charitable causes as well as by reducing children's pocket money and growing their own herbs and vegetables.

The research has demonstrated how finding ways to save money is top of the nation's agenda, with people across the country looking for ingenious ways to save.

In light of the recent price increases to energy costs, a number of people now use comparison tools to compare the cost of their utilities, helping them to find better value tariffs and providers.

The Head of Retail Products for N&P, Ewan Edwards, commented that the need to save has been prompted by the nation's experience of a "long period of recession” which has left us in an "economy [that] is extremely fragile”.

Edwards also added that "regularly reviewing your finances is important” but so is "making sure you get an impressive interest rate on the money you [have] saved”. Comparing the types of investments and savings accounts that are being used is a vital way for Brits to boost their savings. This should be done on all money matters, including mortgage rates, savings, credit cards and even loans.

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